I think this video does a fantastic job of explaining the credit crisis in simple terms. It doesn’t really discuss some of the newer developments, and it certainly over-simplifies some of the issues at points along the line. But it explains the events that initially got us into this mess about as clearly and succinctly as they can be explained. If you’re new to the economics of the credit crisis, you may still be a little shaky after a single viewing, but you’ll certainly understand things much better. And even if you consider yourself a financial pro, you’ll likely have a clearer understanding of how the various problems facing banks, lenders, investors, and homeowners are connected after watching this. It’s 11 minutes long but its definitely worth it. And don’t forget to share your thoughts about it in the comments!
At this point I think most political observers agree that the selection of Tim Geithner for Treasury Secretary was not one of President Obama’s best decisions. Its not his tax evasion that gets me, though that’s disappointing in its own right, its his apparent inability to recognize the great importance of image in his position. I’ve just recently watched Geithner’s debut press conference from last week and it was shockingly poor. Part of Geithner’s problem is that, while he’s undoubtedly an intelligent person with nearly ideal experience and education for his position (he has graduate degrees in East Asian Studies as well as International economics), his boyish features make him look like he’s still a frat boy from some angles. And his jilted speech, constant eyes on the tele-prompter, nervous rocking back and forth, and deer-in-the-headlights facial expression make him come-off… Continue reading
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Quotes
"We do not need to judge nearly so much as we think we do. This is the age of snap judgments. … [We need] the courage to say, ‘I don’t know. I am waiting further evidence. I must hear both sides of the question.’ It is this suspended judgment that is the supreme form of charity. Someone has said that you cannot slice cheese so fine that it doesn’t have two sides."
-Dallin H. Oaks
"It is better to debate a question without settling it, than to settle a question without debating it...The aim of argument, or of discussion, should not be victory, but progress."
-Joseph Joubert
"The more you know, the more you realise how much you don’t know — the less you know, the more you think you know."
-David Freeman
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently."
- Friedrich Nietzsche
